Traditionally, ''greenwashing'' has seen companies posing as environmentally friendly before some incident raised hard questions about the sincerity of their efforts.This time it was in finance, in this case ANZ, which promotes itself as a ''new age'' bank. ANZ is the world's highest-ranking bank in the Dow Jones Sustainability Index, but is not clean when it comes to coal. The bank continues lending money to coal operations, which are non grata in many quarters.
The outstanding example is the Body Shop. The retailer of ethical cosmetics sold out to L'Oreal, a notorious name in ethical investing that stood for everything the Body Shop was supposed to be against. L'Oreal is a company ethical investors regularly rallied against. It has a record on animal testing in cosmetics - not to mention a history of taking over Holocaust-era assets. The deal was sealed in 2006 but most shoppers don't know the Body Shop is owned by L'Oreal.
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